Formal job creation in India falls 20% in October: Report
What's the story
India's formal job creation has witnessed a major decline of nearly 20% year-on-year in October, according to a report by global job site Indeed. The decline comes as the second consecutive month of softening. Sectors such as banking and finance have seen major declines, while cleaning and sanitation, community and social services have posted strong growth. Remote work opportunities also saw an increase, especially in IT infrastructure, operations, and support.
Sectoral downturn
Job postings decline across sectors
The report highlights a decline in job postings across nearly three-quarters of all sectors in the last three months. Banking and finance topped the list with a 25.6% drop, followed by legal (22.4%), retail (16.7%), and loading and stocking (15%). Despite this overall slowdown, some industries like cleaning and sanitation have seen a 20% rise in job roles along with community and social services which recorded an increase of 17.4%.
Remote growth
Remote work opportunities on the rise
The report also notes an increase in remote job postings, with 9.1% of October listings mentioning terms like 'work from home' or 'work remotely.' This is a 7.6% increase from the same month last year. IT infrastructure, operations and support saw the highest share of remote roles at 18.2%, followed by community and social services (15.1%) and industrial engineering (14%).
Role fluctuations
Remote roles see mixed trends
The share of remote roles has increased compared to last year, mainly driven by IT infrastructure, operations and support (up over 4.4% points) and installation and maintenance (up 3.4% points). However, there were notable declines in remote job availability for veterinary roles (down 2.5% points) and community and social services (down 1.9% points).